Petronas to reduce crude oil output by 20,000 barrels per day


Petronas will reduce its output up to 20,000 barrels per day of crude oil

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) will reduce its crude oil output up to 20,000 barrels per day starting from January 2017 in line with the oil producers' move to shore up oil prices.

The national oil company said on Wednesday the  the voluntary adjustment was based on the prevailing market conditions and prospects and based on Malaysia's average production for this year.

Petronas said the adjustment followed the pact made in Vienna, Austria on Dec 10 between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers.

OPEC and other producers led by Russia have announced cutbacks of almost 1.8 million barrels per day (bpd) in oil production from January 2017.

The cutbacks are to bolster prices to reduce rampant global overproduction which has seen output outstrip consumption for over two years.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

US weekly jobless claims unexpectedly fall
Thong Guan Industries to sell unit in related party transaction
7-Eleven Malaysia sees stronger 4Q ahead
Bitcoin marches towards US$100,000 on optimism over Trump crypto plans
Sunway Construction’s net profit rises to RM46.47mil in 3Q24
Bank Islam launches new digital banking platforms
Mega First’s net profit rises to RM116.64mil in 3Q
Fajarbaru net profit triples to RM8.42mil in 1Q25
Globetronics Partners with Taiwan's ChipMOS for Integrated Circuit Services
Hap Seng 3Q24 net profit soars nearly fourfold to RM193.11mil

Others Also Read